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BHARAT FORGE Announces Quarterly Results (4QFY19); Net Profit Up 198.5%

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BHARAT FORGE Announces Quarterly Results (4QFY19); Net Profit Up 198.5%
Fri, 24 May

BHARAT FORGE has announced its results for the quarter ended March 2019. Here is a detailed performance review of the same:

BHARAT FORGE Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m14,66616,92516,686-1.4%13.8%
Other incomeRs m3424785014.7%46.5%
TurnoverRs m15,00817,40417,187-1.2%14.5%
ExpensesRs m10,48911,66711,513-1.3%9.8%
Gross profitRs m2,8455,2585,173-1.6%81.8%
DepreciationRs m705907821-9.4%16.5%
InterestRs m303136315132.3%3.8%
Profit before taxRs m2,1794,6954,538-3.3%108.3%
TaxRs m1,1751,5961,543-3.4%31.2%
Profit after taxRs m1,0033,0982,995-3.3%198.5%
Gross profit margin%19.431.131.0
Effective tax rate%53.934.034.0
Net profit margin%6.717.817.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 13.8% on a year-on-year (YoY) basis. The expenses were up by 9.8% YoY during the same period.
  • The company's operating profit increased by 81.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.0% in 4QFY19 as against 19.4% in 4QFY18.
  • Depreciation charges increased by 16.5% and finance costs increased by 3.8% YoY, respectively.
  • Other income increased by 46.5% YoY during the quarter.
  • Net profit for the quarter increased by 198.5% YoY. Net profit margins during the quarter increased from 6.7% in 4QFY18 to 17.4% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 1.4% on a quarter-on-quarter (QoQ) basis. The expenses were down by 1.3% QoQ during the same period.
  • The company's operating profit declined by 1.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.0% in 4QFY19 as against 31.1% in 3QFY18.
  • Net profit for the quarter declined by 3.3% QoQ, while net profit margins declined from 17.8% in 3QFY18 to 17.4% in 4QFY19.

To see how BHARAT FORGE has performed over the last eight quarters, please visit here.

BHARAT FORGE Share Price Performance

Over the last one year, BHARAT FORGE share price has moved up from Rs 644.3 to Rs 462.8, registering a Loss of Rs 181.5 or around 28.2%.

Overall, the S&P BSE SENSEX is up 13.3% over the year.

Current Valuations

At the current price of Rs 462.8, the price to earnings (P/E) ratio of BHARAT FORGE stands at 20.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.6 times.

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For the quarter ended December 2018, BHARAT FORGE has posted a net profit of Rs 3 bn (up 35.8% YoY). Sales on the other hand came in at Rs 17 bn (up 21.7% YoY). Read on for a complete analysis of BHARAT FORGE's quarterly results.

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